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Yes the retaining pin is driven downward into the receiver. The plastic cover (the half circle) is positioned so you can drive the pin . I recommend using a starter punch or 1/16 nail set (they don't break as easy) to get the pin moving. Then finish up with a longer punch. When you put the pin back in, the end that has a few raise marks on it goes in last. The purpose of the swagged lines is to make the pin bigger on that end to hold it in. To remove the barrel nut, you can make a wrench from a thick open end wrench. Just grind it back so it just clears the barrel ( a good sharp wrap with hefty brass hammer usually does the job to loosen the nut.
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